Morning journal and courier., 1887-03-18
AN EXTENSIVE FAILURE.

| AN EXTENSIVE FATLUREe
 Unsecured Debts Amounting to Fiv
 Hundred Thousand DolIars-Wha
 The Banks Say About the Defalcs
 ton.
 NEW YORK, March 17.-A sensation WE created in Wall street this afternoon by tn announcement that Lawton Bros, No. Broadway, had failed, leaving insecure debts amounting to s7O0, 900. The Lawton were dealers in phosphates and mnch o their paper was endorsed by the Nevafs company. A rush was made for the office of the firm when the news became known Sheriff Grant was found in possession. Tn, charge is made that Walter E. Lawton, on, of the firm, has left the State for the pur pose of defrauding his creditors and that he | has taken large amount of money with him Rufus Kirkland, who was the cashier oi Lawton, states that on Tuesday last he with. drew all his funds from the different banks and took the money with him. Lawton, be- fore he departed, destroyed all stubbs of checks and papers of every kind from which auy information could be secured as to the disposition of his funds and property. The first attachment was in favor of the Dota Azotin company for SIP, 2,OOO, of this $1OO, ,O0O was the proceeds of promissory notes which MT. Lawton had discounted and appropriated to his own use, and $12, 900 was deposited in his care on behalf of the con- pany on Tuesday by President Jones. The next attachment was in favor of the Chem ical Ammonite and Oil company for $12s.- 900, of which $12o, ,000 was the proceeds of notes pocketed by Lawton and $9,OOO cash. The third attachment was in favor of Robert A. VanWyck for $5,OOo for professional services. The af6davits on which the at- tachments were granted averr ed that Mr. Lawton had left the city. He was last seen at the Grand Central Depot Tuesday evening by Rufus Y. Kirkland his cashier He told the latter that he had drawn all his money from the banks where he had accounts.
 Various theories are advanced as to the real cause of his flight, but nothing definite is known re- in speculation. The general impression is that he became involved, and being pressed he took what money he could get in hurry and ran away. It is thought he has gone to England. The amount of his liabilities is variously estimated at from $500, 1000 to $1,O00, 900, but it is thought the actual lia- bilties will not exceed the former figure.
 The amounts he has obtained on notes from the various banks is known to be at least S25O, 900. At the American Exchange bank the cashier said MT. Lawton had small account there and there was a small balance which he had not drawn. The bank holds $30,00 of business paper under discount, some the Chemical company's and some other paper, part believed to be good and the other problematical The United States Trust company has $35, ,000 bills receivable with Lawton Bros endorse ment. The president of the Fourth Ma tional bank said that MT. Lawton had a small account there and got discounts by that means. The bank had discounted four notes receivable endorsed by Lawton Bros aggregating $11, TIT. They were all business March 18th and made on December last. At the Third National bank the cashier said that they held none of MT. Lawton's own paper, but had some of his business paper, which was per fectly secured. He had small account, but there was no money there now. The Com mercial National bank has $5, 100 of his re- ceivables and some collateral. The bank has attached some of his property-Tilus Mead, note brokers, of 89 Wall street, negotiated 8 great deal of the Lawton Bros paper for years past Mir. Mead said that he had out
 
 ing the Lawton's endorsement. The Delta Azotin Co. has attached Lawton's property at Delta, N. J., and the house at Spuyten Duyvil. Mir. Lawton is said to be about Gfty-eight years of age and has been 8 widewer for about two years.
 Gladstone on Hreland,s Demands.
 LONDON, March 17.-Mr. Gladstone, speak ing at dinner given by the Yorkshire dele {c fha of Fl ing, said: "We are agreed that Ireland only asks for effective self government in affairs properly and exclusively Irish, subject to the unquestionable supremacy of the imperial parliament. Should she extend her demands beyond this limit would no longer uphold her cause"
 MT. Gladstone's speech was substantially g reiteration of his adherence to his we'll known views on the Irish question latest phases of that matter. In conclusion he said: While continually considering how to improve upon our plans, the attraction or seduction of any phrase whatever from the substance and reality of those plans. What I now look to is the teachings of experience. We want 6 good stock of patience, eomposure and good humor refecting the solidity of the ground beneath us from which we cannot be shaken" i" MT. Gladstone expressed hope that some plan would be devised for the safe purchase of estates in Ireland whereby landlords would receive perfect security in respect of the price of his property without trenching upon the imperial credit, but any such plan, he said, required real Irish government to speak and act for Ireland.
 The Yacht Dauntless Sighted.
 PHILADELPHIA, March 1.-The steamer British Prince, which arrived to-day, has the following in her log of March 15: ''9:15 am. lat. 4o,61, long. 64.01, sighted 8 schooner yacht seven miles to aorthward; 10:10 8. m., signals H. M J. R. displayed abeam which was read schooner yacht Dauntless."
 Nothing appears on the log about having sighted the Coronet, and the officers have not so far known made any state- ment to that effect.
 Rridgeport's Board of Trade.
 The board of trade of Bridgeport held 8